Litecoin’s price has broken free from its downward trend, leading traders to eye a possible rise to $150. Top analyst World Of Charts shared on X that Litecoin is preparing for a strong move upward, aligning with bullish technical signals observed in its price chart.
What you'll learn 👉
LTC Chart Analysis
Looking at the chart, Litecoin has climbed to $121.47, up 2.44%. The price of LTC had been moving in a downward channel for a while, suggesting a period where traders were pausing to assess the market. This channel acted as a barrier, with the lower boundary near $118 providing support during the downtrend.
A breakout above the upper trendline of the channel marks a shift in momentum, signaling potential upward movement. Breakouts from such formations are often accompanied by increased buying activity, suggesting growing market confidence in Litecoin’s price direction.
Key Levels and Target Projection for Litecoin
The breakout aligns with technical projections pointing to a target of $150, representing a potential 24.49% gain from the breakout level. This projection is based on a measured move of 29.29 points, as shown on the chart.
Support at $118 has been reinforced, while the next resistance zone sits near $150. Traders are monitoring this level, as it represents a critical area that could propel Litecoin further upward or trigger consolidation.
World Of Charts’ tweet further amplifies interest in Litecoin’s price. He noted that the breakout from shorter timeframes indicates readiness for another attempt at $150. This aligns with the observed technical analysis and reflects a positive sentiment surrounding LTC among crypto enthusiasts.
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Momentum and Volume to Watch
The breakout’s momentum is visible in recent price action, with several bullish candles forming after the move above the descending channel. While the chart does not explicitly show trading volume, such breakouts often coincide with heightened activity, validating the strength of the trend.
As Litecoin gains traction, market participants remain attentive to price movements and volume dynamics, both of which are critical in confirming a sustained upward trend toward $150.
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